Market Trends of Biofuel Enzymes Industry
This section covers the major market trends shaping the Biofuel Enzymes Market according to our research experts:
Growing Demand for Biodiesel
- Biodiesel segment is expected to dominate the biofuel enzymes application market, on account of growing inclination over conventional fuels in automotive and power generation application.
- Biodiesel has the capacity to cater to existing engine specifications in automobiles which is anticipated to have a positive impact on the product demand. Furthermore, government mandates by different governments over use of cleaner fuels is expected to boost industry growth.
- The rising depletion of fossil fuels and the need to maximize renewable sources in the energy mix for a sustainable growth is expected to drive the demand for biodiesel. Biodiesels can be produced in the existing diesel producing facilities unlike other biofuels, which is expected to have a significant impact.
- In addition, increasing mechanization in the agricultural sector is projected to boost the product demand.
- Biofuels (ethanol and biodiesel) holds major share of renewables in global energy demand for road transportation. Demand for bioenergy in the transportation sector is driven by blending mandates in significant economies and by cleaner fuel use around the world.
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North America Region to Dominate the Market
- North America region represents the largest market and is also expected to be the fastest-growing market over the forecast period mainly because of increasing ethanol production in United States and rapid adoption of biofuel in Canada.
- United States is the largest producer globally for ethanol and both for consumption and fuel use, with around 13.9 billion gallons or nearly 53 billion liters of ethanol annually. Most of the ethanol produced is from corn/starch based, which is one of the lower-yield feedstocks.
- Some of the major challenges by the region such as, depleting fossil resources, carbon emissions and the need to meet environmental standards are met by transitioning to biofuels and this has created lucrative growth opportunities.
- The region is making significant progress regarding usage of bioenergy for transportation applications and transition from gasoline to cleaner biofuels. This has significantly contributed to the development of biofuel enzymes market.
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